News
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Legislative Update Week Ending July 10 2015
Regardless of what the court decides, TSCL believes that Congress needs to enact legislation that would prevent Social Security credits for unauthorized work done under illegal, stolen or invalid Social Security numbers. TSCL supports the No Social Security for Illegal Immigrants Act (H.R. 1716), introduced by Representative Dana Rohrabacher (CA-48). .Drug Executives Refuse to meet with Trump .(Washington, DC) – The Social Security Administration has announced that the annual cost-of-living adjustment (COLA) will increase benefits by 2.0 percent for 201While the increase is the highest in five years, it won't be enough to offset dramatically higher Medicare Part B premium increases for millions of beneficiaries, warns The Senior Citizens League. … Continued
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H R 4144 Seniors And Veterans Emergency Save Benefits Act
A study on the buying power of Social Security benefits by Johnson has found that Medicare Part B premiums are the single fastest growing cost that retirees have, increasing 195 percent since 2000. Most retirees also have premiums for a Medicare supplement (Medigap) and Part D drug plan, or a Medicare Advantage health plan with drug coverage. Medigap premiums have increased 158 percent since 2000, and out-of-pocket spending on prescription drugs increased 188 percent. .COLAs Going To Be Flat In 2014 .Understand which type works best for you. Medicare supplemental or Medigap premiums currently tend to be higher, often by hundreds of dollars, than those of Medicare Advantage Plans. In fact, there are Medicare Advantage Plans that offered hospital, doctor, and prescription drug coverage for Normally it would seem logical that a bi-partisan bill would have a very good chance of passing in the Senate, but these are not normal times. In fact, four of the five Republican Senators whose offices we visited this week, and who are on the Finance Committee, voted against their own chairman's bill. The five Senate offices we met with were Scott (SC), Thune (SD), Toomey (PA), Alexander (TN), and Burr (NC). We picked these Senators because all are members of at least one of the committees that any bill to lower drug costs would have to go through. .Are you the parent or spouse of someone with special needs? Permanent life insurance can make sure a child or spouse will have financial support when you are gone. .Over the past nine years, COLAs have averaged just 1.4%, so it comes as a frustrating surprise to retirees to learn that, in the decade prior to 2000, COLAs averaged 3% per year, more than twice the average today. Because COLAs compound, and the monthly benefit grows over time, lower COLAs mean less Social Security income than retirees might have planned for. That in turn means spending through retirement savings more quickly than planned. premiums in 200Don't let the lure of zero premiums fool you, because you will pay in other ways, especially if you get sick. … Continued
The Senior Citizens League is pleased that leaders in Washington have temporarily reopened the federal government, and we are hopeful that they will act responsibly in the days ahead to ensure that it remains fully funded. We will continue to monitor the negotiations closely in the coming days, and we will post updates here in the Legislative News section of our website. .In April, lawmakers on the Republican Study Committee proposed a budget blueprint that would reform the Medicare program and cut Social Security benefits by adopting the "chained" CPI, eliminating the COLA for some seniors, and raising the eligibility age. Did you support this dramatic budget blueprint, and if so, why? .I'm 63, married, and recently earned about ,000 a year until I got laid off in March. My wife is younger but only receives a small income from providing part-time day care services. We don't have any savings. I'm not receiving any Social Security now. Can I receive Social Security benefits and get unemployment benefits? .In mid-December there were reports that the Administration expected to begin sending out President Trump's promised 0 drug discount cards to seniors by Jan. However, we have not heard any report about whether or not that has begun. We will keep you posted when there is new information about the distribution of the cards. .Since 2010, seniors have failed to receive a COLA increase three times. When a COLA increase did occur, it has never met seniors' needs. In 2016, the increase was a meager 0.3% and it was only 2% in 2017. .Interestingly, the big drug manufacturers do not like the new rule. A spokesperson for the Pharmaceutical Research and Manufacturers of America (PhRMA), the drug industry's largest trade group, said the rule is "unconscionable" for making it "harder for patients to use manufacturer cost-sharing assistance to lower their out-of-pocket costs for medicines." .If signed into law, the Social Security Protection and Truth in Budgeting Act would amend the Social Security Act to ensure that receipts and disbursements of the Social Security Trust Funds are not included in a unified federal budget. It would also mandate that Trust Fund monies cannot be diverted to create private accounts. .This is especially important new research at a time when Social Security faces potential changes. President Obama's "National Commission on Fiscal Responsibility and Reform" is scheduled to release its plan to cut the federal deficit by December 1st. .What is the full retirement age for Social Security?
